<p>Treasury Secretary Steven Mnuchin says Americans who qualify for federal assistance under the $2.2 trillion coronavirus stimulus bill passed by Congress can expect to see $1,200 checks deposited into their bank accounts &#8220;within three weeks.&#8221;</p>
<p>Mnuchin, said on CBS’ &#8220;Face the Nation&#8221; on Sunday that the government will set up an online system so Americans who are not currently signed up can do so quickly.</p>
<p>&#8220;We expect that within three weeks that people who have direct deposit information with us will see those direct deposits in their bank accounts,&#8221; he said. &#8220;And we will create a web-based system for people where we don’t have their direct deposit they can upload it, so that they can get the money immediately as opposed to checks in the mail.&#8221;</p>
<p>Under the bill passed by Congress, individuals are eligible for payments up to $1,200, but that amount declines for those with an adjusted gross income higher than $75,000 a year. The $1,200 payment drops by 5% of every dollar above $75,000, or $50 for every $1,000.</p>
<p>The benefit doesn’t apply for individuals with incomes over $99,000.</p>
<p>Married couples with combined incomes up to $150,000 would receive $2,400, subject to the same phaseout that applies to individuals. The payments would be phased out entirely for couples making $198,000 or more. Families also get $500 per dependent child under the age of 16.</p>
<p>About 120 million U.S. taxpayers will qualify for direct payments from the federal government under the bill, according to an analysis by one think tank. But it &#8216;s unclear what year the feds will use to determine an individual&#8217;s income.</p>
<p>&#8220;American Action Forum said IRS statistics show that 120 million taxpayers in 2017 were in income brackets meeting the bill’s guidelines for the new cash payments,&#8221; The <a href="https://www.washingtontimes.com/news/2020/mar/26/check-almost-mail-more-120-million-taxpayers/">Washington Times</a> reported. <a href="https://www.cnet.com/how-to/coronavirus-stimulus-check-is-official-find-out-if-youre-eligible-for-up-to-1200/">CNET.com</a> had a different scenario:</p>
<blockquote><p>If you&#8217;ve <span class="link">filed your 2019 federal tax return</span>, you can find that figure on line 8b of the 2019 1040 federal tax form. It&#8217;s line 7 on the 2018 1040 tax form.</p>
<p>The total amount of your stimulus check will be based on your adjusted gross income, or AGI, from your 2019 federal tax filing or – if you&#8217;ve not filed this year yet – your 2018 filing.</p>
<p>If you&#8217;ve <span class="link">filed your 2019 federal tax return</span>, you can find that figure on line 8b of the 2019 1040 federal tax form. It&#8217;s line 7 on the 2018 1040 tax form.</p></blockquote>
<p>&#8220;To calculate the amount of your check, Uncle Sam will start with that $1,200 figure,&#8221; <a href="https://www.kiplinger.com/tool/taxes/T023-S001-stimulus-check-calculator-2020/index.php">Kiplinger</a> wrote. &#8220;If you&#8217;re married and file a joint tax return, then both you and your spouse will get $1,200 (for a total of $2,400). If you have children who qualify for the child tax credit (they must be 16 years old or younger), you get an additional $500 for each child. So, for example, a married couple with two children can get up to $3,400.&#8221;</p>
<p>Kiplinger&#8217;s offers a <a href="https://www.kiplinger.com/tool/taxes/T023-S001-stimulus-check-calculator-2020/index.php">calculator</a> to help people determine what they will receive.</p>
<p>In another interview on &#8220;Fox News Sunday,&#8221; Mnuchin said the second fiscal quarter &#8212; April, May and June &#8212; will not be good, but predicted that America will begin to rebound economically in the third quarter.</p>
<p>&#8220;I don’t know what the numbers are gonna be this quarter. What I do think is, we are gonna kill this virus,&#8221; Mnuchin said. &#8220;We’re gonna re-open this economy. And in the third quarter of this year, you’re gonna see this economy bounce back with very large [gross domestic product] numbers and low unemployment back to where we were beforehand.&#8221;</p>
<p>&nbsp;</p>

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Treasury Secretary Details Ways Americans Can Get $1,200 Stimulus Check Faster

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Treasury Secretary Details Ways Americans Can Get $1,200 Stimulus Check Faster